Why does California produce food
Why does California produce food and not computers?
Who makes that decision?
Economic System
? An Economic System is the method used by a society to produce and distribute goods and services.
? Every society must answer three questions:
? What goods and services should be produced? ? How should these goods and services be
produced? ? Who consumes these goods and services?
? Societies answer the three economic questions based on their values and goals.
How do societies answer these questions?
They have Economic Goals
Economic Efficiencies-making the most of resources Economic Freedom-freedom from government in
production and distribution Economic Security and Predictability-assurance that
good and services will be available, payments will be made, a safety net will assist in case od disaster Economic Equity-fair distribution of wealth Economic Growth and Innovation-innovation leads to growth, growth leads to higher standard of living
4 Types of economies
Choices
Customs
Consumers and Producers
Government
Consumers, producers, and
government
Traditional
Free Market
Command
Mixed Economy
Traditional Economies
Features: - existence was primarily based on traditions and customs - barter was the main form of trading - individuals existed on a subsistence level - the decision of what, how and for whom was determined by customs and traditions - resources were owned or controlled by a sovereign or feudal lord.
Examples of this economic system: - Remote tribal areas in South America, Africa and Asia
Advantages and Disadvantages?
Traditional Economy
Advantages: 1. Every member of the society knows exactly what they are to do. 2. There is a strong social network. 3. Positions within society are already established. 4. Basic Economic questions are already answered by traditions and customs. 5. Life is generally stable, predictable and continuous.
Disadvantages: 1. This type of society is often very slow to change. 2. It does not take advantage of technological change. 3. There is relatively little promotion of intellectual and scientific development. 4. There is inefficient provision of goods and services. 5. There is inadequate use of skill in relation to the factors of production. 6. No upward movement of labor takes place.
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- handout b three major economic systems and their features
- 3 types of economic systems roy bailey
- economic systems 6th grade social studies
- different types of economic systems
- economic systems loudoun county public schools
- why study economics economic systems and tools
- economic systems notes polk county school district
- why does california produce food
- comparing economic systems nc essential standards for
Related searches
- why does society need law
- why does zicam work
- why does god let bad things happen
- what does photosynthesis produce kids
- why does god let terrible things happen
- why does earth have seasons
- why does social studies matter
- how does photosynthesis produce atp
- why is california losing population
- why is california losing residents
- does california tax social security benefits
- does photosynthesis produce atp